Page 78 - ELT_1st July 2020_Vol 373_Part 1

N14 EXCISE LAW TIMES [ Vol. 373

4. Calculation of investment in plant and machinery or equipment. -
(1) The calculation of investment in plant and machinery or equipment will be
linked to the Income Tax Return (ITR) of the previous years filed under the In-
come Tax Act, 1961.
(2) In case of a new enterprise, where no prior ITR is available, the in-
vestment will be based on self-declaration of the promoter of the enterprise and
such relaxation shall end after the 31st March of the financial year in which it
files its first ITR.
(3) The expression “plant and machinery or equipment” of the enter-
prise, shall have the same meaning as assigned to the plant and machinery in the
Income Tax Rules, 1962 framed under the Income Tax Act, 1961 and shall include
all tangible assets (other than land and building, furniture and fittings).
(4) The purchase (invoice) value of a plant and machinery or equip-
ment, whether purchased first hand or second hand, shall be taken into account
excluding Goods and Services Tax (GST), on self-disclosure basis, if the enter-
prise is a new one without any ITR.
(5) The cost of certain items specified in the Explanation-I to sub-section
(1) of section 7 of the Act shall be excluded from the calculation of the amount of
investment in plant and machinery.
5. Calculation of turnover. - (1) Exports of goods or services or both,
shall be excluded while calculating the turnover of any enterprise whether micro,
small or medium, for the purposes of classification.
(2) Information as regards turnover and exports turnover for an enter-
prise shall be linked to the Income Tax Act or the Central Goods and Services Act
(CGST Act) and the GSTIN.
(3) The turnover related figures of such enterprise which do not have
PAN will be considered on self-declaration basis for a period up to 31st March,
2021 and thereafter, PAN and GSTIN shall be mandatory.
6. Registration process. - (1) The form for registration shall be as pro-
vided in the Udyam Registration portal.
(2) There will be no fee for filing Udyam Registration.
(3) Aadhaar number shall be required for Udyam Registration.
(4) The Aadhaar number shall be of the proprietor in the case of a pro-
prietorship firm, of the managing partner in the case of a partnership firm and of
a karta in the case of a Hindu Undivided Family (HUF).
(5) In case of a Company or a Limited Liability Partnership or a Coop-
erative Society or a Society or a Trust, the organisation or its authorised signatory
shall provide its GSTIN and PAN along with its Aadhaar number.
(6) In case an enterprise is duly registered as an Udyam with PAN, any
deficiency of information for previous years when it did not have PAN shall be
filled up on self-declaration basis.
(7) No enterprise shall file more than one Udyam Registration :
Provided that any number of activities including manufacturing or ser-
vice or both may be specified or added in one Udyam Registration.

EXCISE LAW TIMES  1st July 2020  78